{"id":21502,"date":"2023-06-12T09:53:36","date_gmt":"2023-06-12T13:53:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/turkeys-economic-woes-push-investors-towards-stablecoin-tether-heres-the-latest\/"},"modified":"2023-06-12T09:53:37","modified_gmt":"2023-06-12T13:53:37","slug":"turkeys-economic-woes-push-investors-towards-stablecoin-tether-heres-the-latest","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21502","title":{"rendered":"Turkey’s Economic Woes Push Investors Towards Stablecoin Tether \u2013 Here’s the Latest"},"content":{"rendered":"
\n

As Turkey\u2019s economic woes continue to deteriorate with lira spiraling downwards, investors are turning to cryptocurrency as a safe haven.\u00a0<\/p>\n

Local demand for Tether, the largest dollar-backed stablecoin, surged in early May ahead of the election and has remained high since, according to a\u00a0recent report from Bloomberg.<\/p>\n

Tether’s share of trading volumes on one of the biggest Turkish crypto exchanges, BTCTurk, stands at 20% compared to 1% on Binance, highlighting how strong the demand for stablecoin in Turkish markets is and its immense popularity as a way of protecting capital.\u00a0<\/p>\n

Turkey’s President Erdogan is known for his unorthodox economic policies since the last election in 2018, including attempts to cut interest rates to temper inflation as high as 80% and ignoring standard monetary practices.\u00a0<\/p>\n

This has led to the lira dropping by 80% in value, causing concern among its citizens as its buying power continues to plummet.\u00a0<\/p>\n

While regulations have made it difficult to buy dollars or gold with the lira, investors have hijacked a\u00a0window of opportunities provided by cryptocurrencies\u00a0such as Tether.\u00a0<\/p>\n

\u201cInvesting in stablecoins allows people to keep the value of their wealth, it\u2019s one of the ways to hold on to some value when inflation is this high. This is the only motivation for people to buy stablecoins right now,” Istanbul-based university lecturer and former banker, Ebru G\u00fcven, said.\u00a0<\/p>\n

A large number of investors share similar views, as the current financial situation in Turkey has made stablecoins an increasingly attractive prospect.<\/p>\n

Batuhan Basoglu, a 28-year-old graphic designer, told Bloomberg that he traded his savings to Tether and other cryptocurrencies following the election, expressing uncertainty surrounding the lira\u2019s future.\u00a0<\/p>\n

Rather than converting his Tether tokens back into lira, Basoglu has decided to double down on the stablecoin, demonstrating a potential lack of faith in Turkey\u2019s existing financial infrastructure.<\/p>\n

Turkey Has the Highest Ownership Rate of Crypto<\/h2>\n

In Turkey, a country hit hard by soaring prices and tumbling currencies, people are increasingly\u00a0turning to stablecoins\u00a0to protect their wealth.\u00a0<\/p>\n

According to research from GWI, Turkey has the highest ownership rate of digital currencies worldwide, at 27.1%.<\/p>\n

The shift toward digital tokens comes as residents of these countries might have difficulty getting their hands on physical dollars or other currencies amid tight capital controls.\u00a0<\/p>\n

Stablecoins, such as USD Coin (USDC) and Tether (USDT), have been an attractive alternative to scarce dollars for citizens of Turkey.\u00a0<\/p>\n

Stablecoins are digital assets that maintain a peg to traditional assets such as the U.S. dollar or gold, providing stability compared to other cryptocurrencies.<\/p>\n

\u201cFolks, whether they\u2019re on the retail side or institutional side, are thinking about how can we hedge against currency devaluation,\u201d Ehab Zaghloul, a research scientist at Tribal Credit, a digital payments platform for startups in emerging markets, told Reuters in May.\u00a0<\/p>\n

\n

\u201cThey want to potentially hold additional assets pegged to a stronger currency, so, things like USDC or USDT or anything pegged to a stronger currency like the U.S. dollar.\u201d<\/p>\n<\/blockquote>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As Turkey\u2019s economic woes continue to deteriorate with lira spiraling downwards, investors are turning to cryptocurrency as a safe haven.\u00a0 Local demand for Tether, the largest dollar-backed stablecoin, surged in early May ahead of the election and has remained high since, according to a\u00a0recent report from Bloomberg. Tether’s share of trading volumes on one of […]<\/p>\n","protected":false},"author":1,"featured_media":21503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-21502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nTurkey's Economic Woes Push Investors Towards Stablecoin Tether \u2013 Here's the Latest | iFintechWorld<\/title>\n<meta name=\"description\" content=\"As Turkey\u2019s economic woes continue to deteriorate with lira spiraling downwards, investors are turning to cryptocurrency as a safe haven.\u00a0Local demand for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=21502\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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